Buying a boat is very exciting. It is a chance for you to own a vessel that enables you to tour a whole new world out in the ocean. However, it is good to note that just like a motor vehicle, there are so many things that can cause expensive damage to your boat. This is why you should always get a yacht insurance Cape Coral trusts as soon as you buy a boat.
Most people only consider the cost of purchasing the boat and ignore the maintenance and operation costs. Prior to making payments on a boat, it is always good to involve an experienced marine surveyor. The surveyor will inspect every inch of the boat and compile a comprehensive report. You can then use the details in the survey report to negotiate a better deal with the seller as well as to calculate how much you need to prepare for in yacht insurance Cape Coral.
Do you really need boat insurance?
When you consider how much your boat costs and how expensive it can be to repair things like the engine and the electrical systems, getting boat insurance is one of the best decisions you can make as a boat owner. While boat insurance is not mandatory in all states, getting one will not only keep your finances safe but also give you much-needed peace of mind as you sail. If you don’t have insurance cover, you will be the one to foot the cost of repairs and liabilities. This can be very expensive.
Type of insurance you need
The type of yacht insurance you need in Cape Coral will depend on the type, size, and value of your boat.
- Small boats
If yours is a small boat, you will be okay with a renters or homeowner’s insurance policy. Most of these insurers offer covers for small boats such as small sailboats and canoes. It is, however, good to note that the cover has a limited property damage coverage. In most cases, when using your homeowner’s insurance policy for your small boat, you should note that it might exclude liability insurance. Adding a liability cover will attract an additional cost.
- Larger boats
For larger boats such as a yacht, you will have to get a boat insurance policy. Depending on the accessories the boat has, you may be required to get additional insurance like trailer coverage.
Getting boat insurance is the best thing you can do after buying a new or used boat. Make sure you only use an insurance company that has a good reputation offering boat insurance covers. Working with a boat surveyor will help you avoid getting a bad cover.